another-singapore-reit-announces-a-rights-issue

Another Singapore Reit announces a rights issue

Starhill Global Reit, which is controlled by Malaysia's YTL Corp, is seeking to raise $232 million from a one-for-one rights offering, following the fund-raising examples set by a string of other Singapore issuers.

Starhill Global Real Estate Investment Trust yesterday announced plans to raise S$337.3 million $232 million from a renounceable one-for-one rights issue. The Reit, which invests in retail and office properties, said the money may be used to pare down its existing debt and to put it in a better position to capitalise on acquisition opportunities.

Rights issues have become a popular means for Singapore-listed companies to shore up their capital as the credit crunch has made bank financing either difficult to come by or prohibitively expensive. For the city-state's Reits, the sharp drop in unit prices since August 2007 has made the situation even worse as the sale of new units at a meaningful fund-raising...

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